Luxury British sportscar marque Aston Martin has been confirmed as the title sponsor of the Red Bull Formula 1 team for the 2018 season.

The firm joined Red Bull as an ‘innovation partner’ ahead of the 2016 F1 season, with the two companies working together to develop the Aston Martin Valkyrie hypercar.

Now the partnership has now moved to the next level, with the team to compete as Aston Martin Red Bull Racing next season.

The Aston brand will feature “prominently” across the team.

As part of the arrangement, a new Advanced Performance Centre has been created on Red Bull’s campus in Milton Keynes.

It will create more than 100 jobs, house the development of Red Bull and Aston’s next supercar project and foster closer collaboration between the two brands.

“Our innovation partnership with Aston Martin has been a pioneering project from day one,” said Red Bull team principal Christian Horner.

“Having conceived and created the remarkably successful Aston Martin Valkyrie together in 2016, we extended our relationship this year and are now delighted to further strengthen the partnership and see the team competing as Aston Martin Red Bull Racing in 2018.

“In addition, more than 100 Aston Martin staff will service the new Advanced Performance Centre on our campus here in Milton Keynes and it will allow us to collaborate further with Aston Martin on special, equally innovative, new projects.”

Aston Martin president and CEO Andy Palmer said his company has benefited from its involvement with Red Bull so far.

He acknowledged that Aston is continuing to take a close interest in F1’s 2021 engine rules, having attended discussions on the topic, but stressed it would only be interested in entering its own engine if the technology and costs are kept under control.

“Title partnership is the next logical step for our ‘innovation partnership’ with Red Bull Racing,” said Palmer.

“We are enjoying the global brand awareness that a revitalised Formula 1 provides.

“The power unit discussions are of interest to us but only if the circumstances are right.

“We are not about to enter an engine war with no restrictions in cost or dynamometer hours but we believe that if the FIA can create the right environment we would be interested in getting involved.”